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You get a windfall of a few hundred grand. What do you do? (1 Viewer)

lets say $300M:

1). Put cash into long term investment vehicle

2).  Maybe push my retirement goal of 55 to 50.

Win at life.

 
this happened to me and the wife a couple years ago.  the money is still sitting in various investment accounts. 

I'm renovating our master bath in the next month.  putting French doors on a front room of the house.  buying some new furniture here or there.  that's it.  its basically going towards our retirement at this point.  some peace of mind on that front. 

I didn't pay down the mortgage or pay off vehicles.  One is already paid off and the other has 0% financing.  my mortgage rate is low enough where I didn't see the point in paying it down either.  

 
probably absolutely nothing besides save it in the near term.

Maybe it might affect what we do when we downsize our home in a few years, but other than that maybe just draw on it to travel over the years.

 
Baloney Sandwich said:
I'd take roughly half of it and pay down the principle on my mortgage.  I would then refi down to a 10-year.  

God I'm ####### lame.  Smart.
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:goodposting:  I did that, refinanced to 15 years.  The same mortgage payment as before equals double payments and I'll have it paid off in less than 7 years.  If something ever drastic happened to my career I'd be able to make the minimum payment delivering pizzas or working at walgreens. 

 
Chadstroma said:
Pay off all debt other than mortgage (about 4 years into a 30 yr at 3.25%- close to as free money as you can get). The rest would be capital to start a new business.
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I forgot- there are some home improvements that need to be done or will need to be done soon. Retaining wall needs to be redone, ac/heater are original 1986 so they are due and I would like to put in a paver driveway and add that along the side of house for extra parking space.

 
AhrnCityPahnder said:
Easy.    I'd buy a two digit member number on Footballguys.
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Better: buy FBGs from Joe, then auction off numbers 1-999 to the highest bidder.

I'm pretty sure Otis would cough up $10K for member #1.

Make a new test forum. Only numbers 1-999 have access. That should do it.
 

PROFIT.

 
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If I had $300,000, I would do the following:

$40,000 to dump my first house I'm still saddled with

$40,0000 renovations on current house

$30,000 for two slightly used cars, buying us another 8-10 years without a car payment

$30,000 to pay off all non house debt

Accelarate monthly payments to pay off mortgage in 15 years

Invest the rest aggressively with the idea of semi retiring in my late 50s into a second career of something I enjoy instead of chasing a paycheck.

 
WampusCat43 said:
The wife and I are actually in this position.  We were both planning on retiring within a year once the mortgage was paid off.  Then her father suddenly passed away, leaving us - once we settle the estate, which will probably take the rest of this year - over a half-mil (look at me!).

No mortgage, no kids, no debt.  I'm going to work on the bucket list (got seven states left to visit, the Masters, Burning Man...).  I suspect, however, we'll blow most of it on a second home in Hilton Head, since "everybody else has one".  :X

We'll probably be divorced within a year.
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So it's basically no lose for you.

 
I would go the boring, responsible route. 

With $300K, I would pay off the mortgage and wife's student loan. 

With the remaining amount, I would add on to the garage and get my wife a new car.  Her car is 9 years old with $135K miles.  The car is fine but I would like to upgrade since that is what totes my daughter around most of the time. 

With the small amount left after the car and garage, I would buy a new guitar and some more tools. 

 
Would use it to build up the down payment I am working on building up for the brownstone in Park Slope, BK that I want.  Would move up plans by a couple of years which would be nice.

 
DocHolliday said:
I would go the boring, responsible route. 

With $300K, I would pay off the mortgage and wife's student loan. 

With the remaining amount, I would add on to the garage and get my wife a new car.  Her car is 9 years old with $135K miles.  The car is fine but I would like to upgrade since that is what totes my daughter around most of the time. 

With the small amount left after the car and garage, I would buy a new guitar and some more tools. 
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those are expensive miles.

 
If I was under 50.  Put it away like I never got it.  Reap benefits by retiring earlier/much better.

Now, at 58, travel my ### off for as long as the money holds out.  (Somewhat limited with an 11 yr. old).

 
Pay off the small bit of debt we have, toss the rest in investments. Recalculate our retirement dates.

 
Dentist said:
Newer vehicle, accelerate my plan to upgrade homes.  That would be great money to have, might be able to get that new home darn near outright.

That dough would easily get me to ultimately retire a few years sooner also.

Awesome get.
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Newer vehicle?  Who took over this username?

 
Binky The Doormat said:
If I was under 50.  Put it away like I never got it.  Reap benefits by retiring earlier/much better.

Now, at 58, travel my ### off for as long as the money holds out.  (Somewhat limited with an 11 yr. old).
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If you get a letter from the parents saying it's OK, you might get away it.

 
I just bought new truck cash, so no car debt. No credit card debt. Have all that cleaned up in advance of retirement. Just got back from two weeks in Italy a few months ago. So, the decision would come down to paying off the mortgage in full, or adding to the retirement savings. Since the current home is NOT the one I plan to retire in, I'd say retirement investments/savings would win the day. Yea, at my age, that's about as exciting as it gets.

 
Buy 1.5 acre golf course lot in neighborhood next door. :thumbup:

Pay off Mortgage, start building new home on lot.  Rent out current home when ready to move in.  529/invest whatever is left.

In other words, exactly the plan I have now - just moving up the timeline a couple years. :pickle:

 
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